Bibox just launched a brand new service called CunBi Bao. This is their special service in which they offer you a special interest if you lock up your tokens for a certain amount of time.
The new program does not work with all tokens located on Bibox, but with a few of them. As of May 10th, you can lock-up the following cryptocurrencies: Bibox Token (BIX), Bitcoin (BTC), High-Performance Blockchain (HPB), CPChain (CPC), MOT (MOT), and BTOCoin (BTO). The lock-up period differs from coin to coin. Be aware of the fact that the interest rate is if you would keep your money locked up for a year, meaning that you will not get an actual 9% or 10% interest as your first lock-up period comes to an end.
The different coins, interest rates, and lock-up time.
- Bitcoin – 30 days, 9% interest
- Bibox token – 60 days, 10% interest
- HPB token – 30 days, 10% interest
- CPC token – 50 days, 9,30% interest
- BTO token – 30 days, 9% interest
- MOT token – 60 days, 10% interest – 180 days, 12% interest
But, what do these numbers actually mean? How will it work? How much will you get?
How does the Bibox lock-up (lending) work? What will you earn?
As you lock-up your tokens, you will not be able to use them for that amount of time. They will be frozen, and you will be unable to touch those tokens. Once the lock-up period comes to an end you will get your tokens back, and in addition, you will get your interest. Let me show you what this will look like with an example.
An example of how this should work
- You decide to lock-up 1000 BIX tokens for 60 days.
- After 60 days you will get your 1000 BIX tokens back.
- You will also get your interest rate which will look like this:
- 1000 tokens / 100 * 10 – that is ten percent, which is 100 Tokens. This would be the interest rate if you kept your tokens locked-up for a year. But, you only kept them locked up for 60 days. So the final interest you will get will be:
- You divide 100 tokens with 360 days and then multiply the amount with 60 (days). Now you have the interest rate for your 60 day period.
- Your final interest after 60 days will be 16,67 BIX Tokens.
Notice that there is only a limited amount of tokens available for rewards, so it might get “filled up” quickly. You can start locking up your tokens on May 10th. The actually “staking” period will begin on May 11th.